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One week prior to the start of the international macroeconomic forecast, IHS conducts a pre-forecast meeting to discuss key assumptions and issues, at global and regional levels. About 60 country and sectoral experts attend this meeting.

Step 2: Historical Data Updates

Update historical data for G7 quarterly models and all country annual sub-models

Compile high frequency data to be used in lining up current quarter or current year forecasts

Update world model assumptions and data

Step 3: Solve the Country Models

Once a new historical database has been created, we simulate models over history to produce equation residuals. We then study these historical residuals carefully to determine whether the corresponding forecast residuals require adjustment.

Step 4: Forecast Reviews

Senior staff members review the preliminary forecast at the world, regional aggregate, and country levels for internal consistency and to review the big picture it paints.

Step 5: Solve the World Model

The forecasts from the country models are fed into the Global Scenario Model to prepare baseline forecast.

Once the forecasts are completed, forecast databases and spreadsheets are created, and the analysts describe the forecast and it assumptions in the Quarterly Economic Outlook analysis.